2021年经济学人 一代投资大师留下的遗产(1)

David Swensen

大卫·斯文森

The holly¹ and the ivy²

冬青和常春藤

The legacy³ of an influential⁴ investor⁵

一位投资大师留下的遗产

Starting in the1980s, the endowments of a handful of big American universities began to divert their investments away from publicly traded equities⁶ and bonds towards "alternative" assets, such as venture capital and private equity⁷. David Swensen, who died on May 5th aged⁸ 67, perfected the approach. Referred to variously as the endowment, Yale or Swensen model, it has since been copied—by family offices, sovereign-wealth funds and, more recently, by big pension funds.

从20世纪80年代开始，美国几所大型大学的捐赠基金开始将投资从公开交易的股票和债券转向“另类”资产，如风险资本和私募股权。大卫·斯文森于5月5日去世，享年67岁，他对这一方式进行了完善，被称为捐赠模式、耶鲁模式或者斯文森模式，后来被家族理财室、主权财富基金以及最近被大型养老基金所模仿。

In 1985 Mr Swensen was persuaded by James Tobin, a Nobel-prizewinning Yale economist⁹, to give up a lucrative¹⁰ career on Wall Street to return to his former university to run its investment office. Yale's endowment was then worth around $1bn. By the middle of last year the figure had risen to $31bn. Even this astonishing growth understates Mr Swensen's influence. He was responsible for developing a stream of talented asset managers at Yale. And in two best-selling books, he set down his investment philosophy for a wider audience.

1985年，在诺贝尔奖得主、耶鲁大学经济学家詹姆斯·托宾的劝说下，斯文森放弃了在华尔街高薪的职业生涯，回到他以前的大学管理其投资办公室。当时耶鲁的捐赠基金价值约10亿美元。到去年年中，这一数字已升至310亿美元。即便是如此惊人的增长也低估了斯文森先生的影响力。他负责在耶鲁培养出一批优秀的资产经理。在两本畅销书中，他向更广大的读者阐述了自己的投资哲学。

Three pillars of this thinking stand out. The first concerns time horizon. Because endowments have obligations stretching far into the future, they can take a longterm view. They can sacrifice the ease of trading in public markets for the better returns promised in private equity. By doing so, they can earn an illiquidity premium—a reward for giving up the ability to sell out easily.

这一思想有三个突出支柱。第一个是时间范围。因为捐赠基金的义务可以延伸到很远的未来，它们可以从长远来看。它们可以牺牲公开市场交易的便利性，换取私人股本承诺的更高回报。通过这样做，他们可以获得非流动性溢价——对轻易放弃出售能力的奖励。

The second pillar concerns information. It is hard to find mispriced stocks in the public markets, because news about listed companies travels fast and is quickly incorporated into prices. But investors¹¹ in private markets who do their homework are more likely to be rewarded. That is because reliable data and analysis are much harder to come by.

第二个支柱是信息。在公开市场上很难找到定价错误的股票，因为有关上市公司的消息传播得很快，很快就会被计入股价。但在私人市场上，做足功课的投资者更有可能获得回报。这是因为可靠的数据和分析很难获得。

1 holly   

n.[植]冬青属灌木

参考例句：

• I recently acquired some wood from a holly tree.最近我从一棵冬青树上弄了些木料。
• People often decorate their houses with holly at Christmas.人们总是在圣诞节时用冬青来装饰房屋。

2 ivy   

n.常青藤，常春藤

参考例句：

• Her wedding bouquet consisted of roses and ivy.她的婚礼花篮包括玫瑰和长春藤。
• The wall is covered all over with ivy.墙上爬满了常春藤。

3 legacy   

n.遗产，遗赠；先人(或过去)留下的东西

参考例句：

• They are the most precious cultural legacy our forefathers left.它们是我们祖先留下来的最宝贵的文化遗产。
• He thinks the legacy is a gift from the Gods.他认为这笔遗产是天赐之物。

4 influential   

adj.有影响的，有权势的

参考例句：

• He always tries to get in with the most influential people.他总是试图巴结最有影响的人物。
• He is a very influential man in the government.他在政府中是个很有影响的人物。

5 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

6 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

7 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

8 aged   

adj.年老的，陈年的

参考例句：

• He had put on weight and aged a little.他胖了，也老点了。
• He is aged,but his memory is still good.他已年老，然而记忆力还好。

9 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

10 lucrative   

adj.赚钱的，可获利的

参考例句：

• He decided to turn his hobby into a lucrative sideline.他决定把自己的爱好变成赚钱的副业。
• It was not a lucrative profession.那是一个没有多少油水的职业。

11 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会